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China's Wen says no plan for imminent rate rise

Central Banking staff

24 Sep 2004

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China's Premier Wen Jiabao has ruled out the possibility of an imminent rise in interest rates and added that the country would consider its own macroeconomic situation and inflation before making any decision on rates.

Chinese press said this is the first time the premier has commented publicly on interest rates, suggesting that the State Council sets monetary policy, not the central bank.

He also rejected speculation of a yuan rate-rise following the United States Federal Reserve's 25-basis-p